Figure Raises $787.5M in U.S. IPO Valued at $5.3B

Figure Technologies, a blockchain-focused financial services firm, successfully raised $787.5 million in its U.S. initial public offering, valuing the company at $5.29 billion. The company sold 31.5 million shares at $25 each, surpassing its previously increased price range of $20 to $22 per share and share count, demonstrating strong investor demand. Founded in 2018 by Mike Cagney, Figure uses blockchain technology to expedite home equity loans, funding over $16 billion in loans since inception, and plans to expand into broader credit products and digital asset marketplaces. The IPO attracted notable investors, including Stanley Druckenmiller's Duquesne Family Office, which indicated interest in purchasing up to $50 million of shares. Cagney will maintain majority voting control through a dual-class share structure, which the company says allows focus on long-term strategy despite shareholder control concerns. The offering marks a significant test of public investor appetite for blockchain-based lending and securitization platforms, reflecting the firm's rapid revenue growth and profitability improvements in 2025.